In the literature the issue of the protection of stakeholder interests (of employees in particular) is usually considered in a static context: how should the institutions of corporate governance be shaped having regard to already existing firms, conforming, in particular, to some subjective criteria of fairness and fair play. It is remarkable that no attention is paid to the basic fact that a company in order to exist must first be established, and that the founders-owners are the original shareholders. Moreover not necessarily the most appropriate protection of stakeholder interests can be provided by the institutions and practice of corporate governance, specific kinds of legal provision may be more suitable. But rather than substitution complementarity prevails between different legal provisions protecting the interests of stakeholders (in particular employees) and the stakeholder protection afforded through the institutions of capital governance, conforming to the logic of the different "varieties of capitalism". An aspect of the latter that is emphasized in the paper, and is usually overlooked, are the much higher rates of long-term unemployment associated with the continental European variety as compared with the Liberal Market variety of the Anglo-Saxon tradition. But the Scandinavian Social-Democratic market model gives the best of both worlds: low long-term unemployment rates and incidence, together with high degrees of employment protection.

Creditor Rights and the Public Interest supports the greater representation of non-traditional creditors in the process of insolvency restructuring in Canada, concentrating particularly on restructuring under the federal Companies' Creditors' Arrangement Act (CCAA). Arguing in favour of the representation of such non-traditional creditors as workers, consumers, trade suppliers, and local governments, Janis Sarra describes the existing process of addressing their interests, analyzes four case studies that focus on non-creditor groups, and compares the Canadian approach to that of several other countries, such as Germany, France, and the United States. Sarra draws on a comprehensive body of academic literature that covers a broad range of issues--insolvency theory, corporate governance theory, legislative history, and bankruptcy and insolvency practice. She further surveys the relevant legislation and supplements her analysis with insights drawn from extensive primary research of court records and personal interviews with lawyers, judges, and government officials. Creditor Rights and the Public Interest ultimately illustrates the way in which the concept of the public interest can be utilized to foreground the concerns of non-traditional stakeholders. Sarra provides a coherent account of the justification for recognizing these creditors by situating insolvency law in a legal regime that realizes a duty to maximize all of the interests and investments at stake in the corporation. In an academic field where scholarship is currently scarce, Sarra's text will be a welcome contribution.

Cross-border block share purchases represent a unique form of corporate restructuring that allow firms to alter the level of shareholder protection, while leaving target firms continuing as a going concern. In this study, I empirically investigate the announcement effects in stock returns and long-term stock market performance for target firms that represent large share acquisitions by foreign companies. In addition, I test the governance transfer hypothesis which states that target firms usually import the higher quality of shareholder protection of foreign acquirers in a more-protective legal system. This study documents the relationships between stock market performance and legal protection of shareholders' rights by employing a sample of cross-country block purchases, including 240 public target firms from 37 countries, spanning the period from January 1990 to December 2000. I find that the announcement returns for target firms are positive, and they are significantly higher for targets acquired by companies coming from countries with higher levels of shareholder protection. Interestingly, in the long run, target firms from countries with poor shareholder protection significantly underperform the benchmark, or the local market index. I do not find evidence of cross-border governance transfer in the long run. This study is the first attempt to document both the announcement effects and long-term stock market performance of cross-country block purchases, which are associated with different legal systems and shareholder protection in target and acquiring firms.

The most up-to-date guide on making the right capital restructuring moves The Art of Capital Restructuring provides a fresh look at the current state of mergers, acquisitions, and corporate restructuring around the world. The dynamic nature of M&As requires an evolving understanding of the field, and this book considers several different forms of physical restructuring such as divestitures as well as financial restructuring, which refers to alterations in the capital structure of the firm. The Art of Capital Restructuring not only explains the financial aspects of these transactions but also examines legal, regulatory, tax, ethical, social, and behavioral considerations. In addition to this timely information, coverage also includes discussion of basic concepts, motives, strategies, and techniques as well as their application to increasingly complex, real-world situations. Emphasizes best practices that lead to M&A success Contains important and relevant research studies based on recent developments in the field Comprised of contributed chapters from both experienced professionals and academics, offering a variety of perspectives and a rich interplay of ideas Skillfully blending theory with practice, this book will put you in a better position to make the right decisions with regard to capital restructuring in today's dynamic business world.

The Guidelines for Engaging Stakeholders in Managing Protected Areas have been developed as part of the Conservation and Sustainable Management of Turkeys’ Steppe Ecosystem Project. The guidelines are designed for managers and staff of protected areas, as well as conservation scientists and stakeholders involved in the management of protected areas in Turkey. They cover a strong theoretical base highlighting the relevance and importance of stakeholder participation in protected area management, as well as the current state of stakeholder participation in Turkey’s protected areas system. The guidelines focus primarily on the international and national development of stakeholder engagement in protected areas. They also discuss the process of establishing, planning and managing protected areas, and explain how to engage with stakeholders at the national level through internationally accepted approaches.

In today's turbulent market, managers are under relentless pressure to increase shareholder value. Restructuring for Growth takes an in-depth look at IPOs, carve-outs, spin-offs, and other increasingly common value-enhancement techniques.With emphasis on the special requirements of growth companies, this uncompromising book provides case studies and analyses of actual restructuring events--what worked, what didn't, and why--and discusses techniques for delivering increased value after the transaction.